29th Nov 2007 07:01
Goldenport Holdings Inc29 November 2007 Goldenport Holdings Inc. Athens, 29th November 2007 Conclusion of Four New-Build Bulk-Carrier Contracts Goldenport Holdings Inc., (LSE:GPRT) ("Goldenport" or the "Company") announcesthat as of today the Cosco Conditional Contracts for the construction of thefour new-build bulk-carrier vessels of 57,000 DWT capacity each, with a totalvalue of US$ 151.0 million, as described in the circular dated 5th October 2007and approved at the EGM held on 24th October 2007, have become unconditional.The initial deposit of US$ 30.2 million has also been paid with US$ 10.2 millionbeing paid from existing cash reserves and US$ 20.0 million being paid throughthe drawdown of an existing credit facility. Captain Paris Dragnis, Chief Executive Officer of Goldenport, commented: "As aresult of these Cosco contracts becoming unconditional, a major part of ournew-build program is now in place. The contracts for the eight new-build vesselsthat have been entered into since March, which include six dry-bulk carriers andtwo container vessels, reinforce our position in our preferred sub-segments ofthe dry-bulk and container shipping markets, enhance the earning potential ofour company for the longer term and are in line with our prudent expansionstrategy of acquiring vessels reasonably priced compared to the marketconditions. Of the six dry-bulk carriers, all of which have delivery datesduring 2008 and 2009, three have already been fixed under period employment withhigh quality charterers in line with our current client portfolio." - ENDS - For further information, please contact Goldenport Holdings Inc. Christos Varsos, Chief Financial Officer +30 210 8910500 John Dragnis, Commercial Director +30 210 8910500 Investment Relations Coordinators: Capital link Nicolas Bornozis - New York +1 212 661 7566Natassa Markopoulou - London +44 207 614 2950 E-mail: goldenport@capitallink.com Further Information Overview of Goldenport: Goldenport is an international shipping company that owns and operates a fleetof thirty-three dry bulk and container vessels that transport cargo worldwide.The fleet consists of fifteen dry bulk carriers (including six new-build vesselswith deliveries scheduled for 2008 and 2009) and eighteen container vessels(including two new-build vessels with deliveries scheduled for 2010 and 2011).Goldenport is listed on the London Stock Exchange under the ticker GPRT. Website: www.goldenportholdings.com or www.goldenport.biz This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
GPRT.L